https://www.taxtmi.com/caselaws?id=201324 The High Court upheld the decision of the lower authorities, ruling that the respondent-assessee was not liable to pay the penalty under Section 271(1)(c) of the Income Tax Act. The Court found no concealment or furnishing of inaccurate particulars by the assessee, deeming the explanation provided as bona fide. The appeal challenging the penalty was dismissed based on the assessee's full disclosure of income and expenses, as well as the absence of any evidence of wrongdoing. en-us Mon, 27 Sep 2010 00:00:00 +0530 Sat, 01 Jan 2011 13:52:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201324 The High Court upheld the decision of the lower authorities, ruling that the respondent-assessee was not liable to pay the penalty under Section 271(1)(c) of the Income Tax Act. The Court found no concealment or furnishing of inaccurate particulars by the assessee, deeming the explanation provided as bona fide. The appeal challenging the penalty was dismissed based on the assessee's full disclosure of income and expenses, as well as the absence of any evidence of wrongdoing. Case-Laws Income Tax Mon, 27 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201324